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Formal and Informal Risk Sharing in LDCs: Theory and Empirical Evidence

Dubois, Pierre; Jullien, Bruno; Magnac, Thierry - CESifo - 2008

We develop and estimate a model of dynamic interactions in which commitment is limited and contracts are incomplete to … each other through both formal contracts and informal agreements, that is, self-enforcing agreements specifying voluntary … to self-enforcement bind with positive probability and formal contracts are used to reduce this probability. …

Persistent link: https://www.econbiz.de/10005405774

Life in Shackles? The Quantitative Implications of Reforming the Educational Loan System

Heijdra, Ben J.; Kindermann, Fabian; Reijnders, Laurie S. M. - CESifo - 2014

In this paper we conduct a quantitative analysis of a number of stylized educational loan systems. We develop a stochastic general equilibrium model of a closed economy with a competitive firm sector and a government that levies taxes and administers educational loans. Individuals are...

Persistent link: https://www.econbiz.de/10010948864

Matching and Saving in Continuous Time: Theory

Bayer, Christian; Wälde, Klaus - CESifo - 2010

We analyse optimal saving of risk-averse households when labour income stochastically jumps between two states. The generalized Keynes-Ramsey rule includes a precautionary savings term. A phase diagram analysis illustrates consumption and wealth dynamics within and between states. There is an...

Persistent link: https://www.econbiz.de/10008534003

Testing the Pareto Efficiency of Household Resource Allocations

Apps, Patricia; Rees, Ray - CESifo - 2008

In a careful and thorough empirical study, Christopher Udry (1996) shows convincingly that, in a large sample of West African households, household resource allocations were not Pareto efficient. This paper argues that observation of the Pareto inefficiency of a household resource allocation...

Persistent link: https://www.econbiz.de/10005406400

Globalization, Gender and Development: The Effect of Parental Labor Supply on Child Schooling

Marchand, Beyza Ural; Rees, Ray; Riezman, Raymond - CESifo - 2011

Tariff reductions have gender-specific effects on the labor market that change the relative bargaining power within households, which in turn affects child outcomes. We estimate how changes in parental labor supply due to these tariff reductions affect child schooling by focusing on young...

Persistent link: https://www.econbiz.de/10008833909

Corporate Governance Reforms, Interlocking Directorship Networks and Company Value in Italy (1998-2007)

Drago, Carlos; Millo, Francesco; Ricciuti, Roberto; … - CESifo - 2011

In this paper we contribute to the literature on the structure of interlocking directorship networks and to the literature on the relationship between corporate governance and performance. We use a unique dataset made of corporate governance variables related to the board size and interlocking...

Persistent link: https://www.econbiz.de/10008833897

The Tragedy of Annuitization

Heijdra, Ben J.; Mierau, Jochen O.; Reijnders, Laurie S. M. - CESifo - 2010

We construct a tractable discrete-time overlapping generations model of a closed economy and use it to study government redistribution of accidental bequests and private annuities in general equilibrium. Individuals face longevity risk as there is a positive probability of passing away before...

Persistent link: https://www.econbiz.de/10008511614

Imperfect Financial Markets as a Commitment Device for the Government

Simon, Jenny - CESifo - 2014

When the government lacks the ability to commit to a tax policy over time, agents’ involvement in imperfect financial markets can be welfare improving. Agents borrow against their promised income in markets that are incomplete in the sense that claims cannot be resold without loss. Taking...

Persistent link: https://www.econbiz.de/10010877738

Should Unemployment Insurance be Asset-Tested

Koehne, Sebastian; Kuhn, Moritz - CESifo - 2013

We study asset-tested unemployment insurance in an incomplete markets model with moral hazard during job search. Asset testing has two counteracting effects on welfare. On the one hand, it improves consumption insurance by introducing state contingent transfers to agents most in need. On the...

Persistent link: https://www.econbiz.de/10010877939

Optimal Taxation and Constrained Inefficiency in an Infinite-Horizon Economy with Incomplete Markets

Gottardi, Piero; Kajii, Atsushi; Nakajima, Tomoyuki - CESifo - 2011

We study the dynamic Ramsey problem of finding optimal public debt and linear taxes on capital and labor income within a tractable infinite horizon model with incomplete markets. With zero public expenditure and debt, it is optimal to tax the risky labor income and subsidize capital, while a...

Persistent link: https://www.econbiz.de/10009293486

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